Forget evidence, not my job. He can sue me for defamation.
This is who we are talking about, in his own words.
Kevin O'Leary on FTX
- Thread starter The_Krakenite
- Start date
This is who we are talking about, in his own words.
He should sue Binance for fraud and tort. It's Binance that fucked him over.
I still don't understand why.
You mean binance caused a liquidity crunch and tipped them to insolvency?
That implies they were solvent but their liquidity depended on a crypto they created?
Even if... Binance is a rival.
A bit like an hedge fund screwing another by tipping them over to margin call.
Still, I understand people funds must be backed, 1 to 1... and that seem to be one of the few requirement of this little regulated sector.
People's funds were invested in FTT. Binance's dumping decreased the value of FTT so much that people's money was lost. It's Binance who's stolen FTX's investors' money. Binance needs to pay it back.
Most interesting thing I heard today about FTX. This is from CoinDesk...Pension funds!! Funds with an S...How many pensions were involved??
At the time, O’Leary said that he was receiving an influx of “inbound requests” from sovereign wealth and pension funds interested in helping fix FTX’s cash crunch. Bankman-Fried told O’Leary that FTX was looking for $8 billion.
At the time, O’Leary said that he was receiving an influx of “inbound requests” from sovereign wealth and pension funds interested in helping fix FTX’s cash crunch. Bankman-Fried told O’Leary that FTX was looking for $8 billion.
You understand completely. It is Dawn that likes jerking people's chain is all.
Binance screwed FTX over with privileged information albeit published in an article and private and controlling holding of FTT, a proprietary token of FTX, so in a way Binance had a controlling interest in FTX. Without Binance's holding of FTT, Binance wouldn't have been to cause any downfall in the price of FTT that's not traded in public market. So in a way with controlling interest in FTX, Binance can be said as a director of FTX with a majority holding. As a director of the company, what Binance did is a conflict of interest and in violation of his fiduciary duties that it actually owed to the investors of FTX. Binance needs to fork over the money that it took.
Hedge funds compete with each other all the time yes but they don't hold private investments of others that do not have a public market. What Binance did is almost like he violated an ISDA agreement with FTX so Binance might be also guilty of breach of contract.
There is a Coffeezilla video explaining the situation, look for it.
https://www.elitetrader.com/et/threads/sorry-youre-bankrupt-coffeezilla.371073/
1. Yes they were. They were just still floating. Bad investments, fake accounting, over leverage did them in. The illegal connection with Alameda and their losses effected them too.
2. They would still go bankrupt, just slower.
3. Yes. So?
4. I think Binance sabotaged them, but that doesn't mean they were not dead in the water already. Binance just sent the torpedo that sunk them, but their engines weren't running, if you want a ship analogy.
https://www.elitetrader.com/et/threads/sorry-youre-bankrupt-coffeezilla.371073/
1. Yes they were. They were just still floating. Bad investments, fake accounting, over leverage did them in. The illegal connection with Alameda and their losses effected them too.
2. They would still go bankrupt, just slower.
3. Yes. So?
4. I think Binance sabotaged them, but that doesn't mean they were not dead in the water already. Binance just sent the torpedo that sunk them, but their engines weren't running, if you want a ship analogy.
https://www.kitco.com/news/2022-11-...ustry-recovery-fund-calls-for-regulation.html
Yeah creating a recovery fund and regulation to fix shit that he created himself so others won't be able to screw him in the future by doing the same shit as what he did to FTX. LOL This SOB is some piece of work. Well he better be careful because regulations is going to apply to everyone and might come back and bite him in the a$$ too one day.
Yeah creating a recovery fund and regulation to fix shit that he created himself so others won't be able to screw him in the future by doing the same shit as what he did to FTX. LOL This SOB is some piece of work. Well he better be careful because regulations is going to apply to everyone and might come back and bite him in the a$$ too one day.